To make big money, the banks exploit two loopholes. First, they overcharge customers by depriving them of the type of competitive pricing that is only possible on an exchange like the New York Stock Exchange or Chicago Mercantile Exchange.
Second, they exploit the lack of transparency and hide the fact that they are keeping little or no money on hand to pay claims " while, for example, selling insurance and collecting handsome fees on every house and pension payment in America!
The key to success here is that when there is widespread default, and massive claims against that so-called credit insurance, the banks keep all the past payments, and the taxpayer (under threat of system-wide economic collapse) pays off the claims (in the form of a bailout), while getting nothing in return.
This quite simply, is a brilliant way to steal our money, says Ratigan.
But this method of "business" is only possible if the government continues to:
a) allow these crooked insurance contracts to be written in secret,
b) allow the insurance underwriters to hold little or no money in reserve for possible payment, and . .
c) allow them to sell enough coverage on enough vital national assets that if there is a large-scale default, the taxpayer has no choice but to pay.
"Considering the $23.7 trillion of taxpayer money being used to support these Corporate Communists (Ratigan's words), one would hope they could at least make a few billion in profits with it. But all things considered, making a few billion from risking a few trillion (in taxpayer money) is a rather pathetic return, no?
Bottom line: We are allowing these outdated and overly large banks to take control of our government and change the rules so that they are protected (communist-style) from the natural competition and reward systems that have created so many innovations in our country. By this means we are allowing them to not only steal from the citizens (communist-style) on behalf of the least worthy, but also to doom our citizenry by trapping and tying up the very capital that could have otherwise been used to generate new innovation and highly productive jobs " just like in the old USSR!
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